The amount you can save per month by using a savings account differs based on your account and its interest rate. We enlist five tips in this article to help you select the best savings account that can help you save and earn more.
The Preferred Method To Open A Savings Account
There are various ways of opening a savings account. You can visit the bank or open an account online. Regardless of your chosen method, ensure you opt for a digital savings account or insta save account or instant savings account to save more money using your savings account.
Documents Required For Opening A Bank Account
For a physical bank account opening with IDFC FIRST Bank, you need the following:
- Passport-size photographs
- PAN card if you have one
- Any one document among an Aadhaar card, passport, voter’s identity card, and permanent driving license
For digital bank account opening:
- Aadhaar card
- PAN card
Here are the five tips you must remember to save and earn more money using your IDFC FIRST Bank savings account.
- Select A Savings Account With A High-Interest Rate
You must opt for a savings account that has a high-interest rate. The interest rate determines your total savings in a month or a year. IDFC FIRST Bank’s savings account offers an interest rate of up to 6.25% per annum for its savings accounts.
- Opt For The Bank’s Net Banking Option
You might have noticed that making a payment using the net banking feature is more affordable than other online payment methods. It has the additional benefit of being a convenient way of transferring money. Hence, you must sign up for the bank’s net banking feature while selecting a savings account to save more. Click here to check IDFC FIRST Bank’s net banking features.
- Use The Bank’s Mobile Banking App To Track Your Expenses
IDFC FIRST Bank’s mobile banking app has a unique feature that helps you analyze and track your expenses. This feature can also help you infer insights from your previous spending habits so that you can change them to save more.
- Check The Frequency Of Interest Credits Offered By The Bank
An interest credit is an amount that is determined by multiplying the balance of a cash balance account by the interest factor for a month. IDFC FIRST Bank offers you monthly interest credits and savings account interest rate of up to 6.25%. This could be an efficient way to save and earn a good amount.
- Invest Your Savings Through The Mobile Banking App
Once you have a large enough corpus of savings, you must look at investing your income in the right securities. You can do this directly through the bank’s mobile banking app or net banking facility. The mobile banking app also helps you easily track your investments – be it mutual fund investments or fixed deposits. Click here to download IDFC FIRST Bank’s mobile banking app.
Follow the tips above to start saving more using an instant savings account. Click here to open an instant savings account with IDFC FIRST Bank by clicking.
